07 Sep Work starts on £21m Essex residential scheme
An Essex-based homebuilder has broken ground on a new development in Little Clacton with the support of a multi-million-pound loan from Lloyds Bank.
Oakland Country Homes is building 62 new high-specification homes off Thorpe Road. The £21 million project will introduce a range of two-and three-bed bungalows up to 1,162 sq. ft in size.
The development in Little Clacton is Oakland’s third and largest project since it was founded by the Currell family in 2019, following projects in Earls Colne and Thorpe. The business is headquartered in Colchester and currently employs seven permanent members of staff.
The total size of Oakland’s site is 2.82 hectares, and the homes have been designed with sustainability in mind. They will benefit from air source heat pumps and be supplied with green energy generated predominantly by wind farms. Electric vehicle charging points will also be installed in all the homes with garages, further boosting the green credentials of the development.
The sustainable features introduced to the scheme means the business was able access the funding through Lloyds Bank’s Clean Growth Financing Initiative. This offered Oakland a discounted loan, removing all arrangement fees attached to the funding, which was facilitated by Barry Coote, relationship director at Lloyds Bank, and Paul Mak, managing director at Pomegranate Commercial Finance.
Oakland is committed to supporting the local supply chain throughout construction, expecting to hire 150 professionals from local sub-contractors. It is aiming for homes to go on sale from March 2024, with the project to be completed by the end of 2025.
Mark Currell, director at Oakland Country Homes, said: “It’s an exciting time as we break ground on our biggest project yet. Building high-quality, sustainable homes is central to our ethos and we believe that it aligns closely with what the community’s looking for as well.
“We’re committed to making our projects deliver the greatest benefits to the wider area as possible. That’s why we’ll only hire local professionals and delivery one project at a time, so that it has our full, undivided attention. Lloyds Bank’s support has been instrumental in helping us stick to this approach and get to work on delivering new homes for Little Clacton.”
Dave Gilroy, director, intermediaries, real estate at Lloyds Bank, said: “There’s a real need for new homes and small housebuilders like Oakland have as big a role to play as larger housebuilders in solving the shortage. Mark and the team occupy an area in Essex that’s underserved and is delivering the mid-sized developments that the region needs.
“What’s even more encouraging is the commitment to sustainability on display and it’s an approach that I know many businesses are beginning to take. We’ll remain by their side to support them with the advice, tools and solutions that will help them make a positive impact on the environment.”
